US To Ease Myanmar Economic Sanctions

Law360, New York (July 11, 2012, 6:00 PM EDT) -- President Barack Obama said Tuesday that the U.S. was ratcheting down sanctions on Myanmar, allowing American companies to conduct business in the Southeast Asian country also known as Burma.

The president announced the formal easing of sanctions in a statement, saying that the government and people of Myanmar "continue to make significant progress along the path to democracy, and the government has continued to make important economic and political reforms," but that the country's efforts to transform its political and economic system remain unfinished.